PRICE T ROWE GROUP INC

TROW 10-Q · Q2 2025

TROW Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue (Q) — — —
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Administrative, distribution, services, and other fees 149.7 147.6 +1.4%
Asset Management1 1,567.6 1,568.8 -0.1%
Asset Management1 · Assets under management 1,588.8 1,534 +3.6%
Asset Management1 · Assets under management 53.9 48.7 +10.7%
Asset Management1 · Assets under management 198 174.8 +13.3%
Asset Management1 · Assets under management 552.5 520.1 +6.2%
Asset Management1 · Assets under management 784.4 790.4 -0.8%
Asset Management1 · Investment advisory fees 1,567.6 1,568.8 -0.1%
Asset Management1 · Investment advisory fees 82.6 76.3 +8.3%
Asset Management1 · Investment advisory fees 105.5 100.2 +5.3%
Asset Management1 · Investment advisory fees 455.9 444.8 +2.5%
Asset Management1 · Investment advisory fees 923.6 947.5 -2.5%
Capital allocation-based income -0.4 0.1 -500.0%
Performance-based advisory fees 6.4 16.8 -61.9%
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Revenue 1,723.3 1,733.3 -0.6%
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Sponsored investment portfolios 1,435.2 1,429.4 +0.4%
Labor And Related Expense (Q) — — —
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Labor And Related Expense 727.7 661.1 +10.1%
Distribution Expenses (Q) — — —
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Distribution Expenses 92.5 87.7 +5.5%
Marketing And Advertising Expense (Q) — — —
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Marketing And Advertising Expense 29.9 33.3 -10.2%
Product Related And Client Servicing Expenses (Q) — — —
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Product Related And Client Servicing Expenses 74.8 73 +2.5%
Technology Depreciation Occupancy And Facility Expenses (Q) — — —
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Technology Depreciation Occupancy And Facility Expenses 179.4 160.9 +11.5%
Other General And Administrative Expense (Q) — — —
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Other General And Administrative Expense 109.5 108.7 +0.7%
Amortization Of Acquisition Costs (Q) — — —
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Amortization Of Acquisition Costs 31.2 43.9 -28.9%
Operating Expenses (Q) — — —
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Operating Expenses 1,245 1,168.6 +6.5%
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Consolidated T. Rowe Price investment products · Reportable Legal Entities 2.4 2.6 -7.7%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 2.3 1.9 +21.1%
Voting interest entities · Reportable Legal Entities 0.1 0.7 -85.7%
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Consolidation Eliminations 1.4 0.5 +180.0%
Operating Income (Q) — — —
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Operating Income 478.3 564.7 -15.3%
Investment Income Nonoperating Other Than Consolidated Sponsored Investment Portfolios (Q) — — —
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Investment Income Nonoperating Other Than Consolidated Sponsored Investment Portfolios 165.9 78 +112.7%
Investment Income Nonoperating Consolidated Sponsored Investment Portfolios (Q) — — —
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Investment Income Nonoperating Consolidated Sponsored Investment Portfolios 78.6 8.5 +824.7%
Other Non-Operating Income (Expense) (Q) — — —
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Other Non-Operating Income (Expense) -9 -6.2 -45.2%
Non-Operating Income (Expense) (Q) — — —
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Non-Operating Income (Expense) 235.5 80.3 +193.3%
Income Before Taxes (Q) — — —
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Income Before Taxes 713.8 645 +10.7%
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Consolidated T. Rowe Price investment products 76.2 5.9 +1191.5%
Consolidated T. Rowe Price investment products · Reportable Legal Entities 76.2 5.9 +1191.5%
Variable Interest Entity Primary Beneficiary 73.9 10.3 +617.5%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 73.9 10.3 +617.5%
Voting interest entities 2.3 -4.4 +152.3%
Voting interest entities · Reportable Legal Entities 2.3 -4.4 +152.3%
Income Tax Expense (Benefit) (Q) — — —
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Income Tax Expense (Benefit) 157.7 159.7 -1.3%
Net Income (Q) — — —
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Net Income 556.1 485.3 +14.6%
Net Income Loss Attributable To Redeemable Noncontrolling Interest (Q) — — —
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Net Income Loss Attributable To Redeemable Noncontrolling Interest 50.9 1.9 +2578.9%
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Consolidated T. Rowe Price investment products 50.9 1.9 +2578.9%
Variable Interest Entity Primary Beneficiary 50.8 3.3 +1439.4%
Voting interest entities 0.1 -1.4 +107.1%
Net Income (Q) — — —
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Net Income 505.2 483.4 +4.5%
EPS (Basic) (Q) — — —
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EPS (Basic) 2.24 2.11 +6.2%
EPS (Diluted) (Q) — — —
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EPS (Diluted) 2.24 2.11 +6.2%
Comprehensive Income (Q) — — —
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Comprehensive Income 512.5 483.8 +5.9%
Other Comprehensive Income (Q) — — —
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Accumulated Other Comprehensive Income 7.3 0.4 +1725.0%
Parent 7.3 0.4 +1725.0%
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Other Comprehensive Income 7.3 0.4 +1725.0%
Wtd Avg Shares (Basic) (Q) — — —
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Wtd Avg Shares (Basic) 220.2 223 -1.3%
Wtd Avg Shares (Diluted) (Q) — — —
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Wtd Avg Shares (Diluted) 220.4 223.5 -1.4%
Net Income Loss Available To Common Stockholders Basic (Q) — — —
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Net Income Loss Available To Common Stockholders Basic 492.8 470.5 +4.7%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents (Q) — — —
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Cash & Cash Equivalents 3,058.9 — —
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Consolidated T. Rowe Price investment products · Reportable Legal Entities 71.6 — —
Consolidated T. Rowe Price investment products · Reportable Legal Entities 0.9 — —
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 70.4 — —
Voting interest entities · Reportable Legal Entities 1.2 — —
Non-Current Assets
Operating Lease Right-of-Use Assets (Q) — — —
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Operating Lease Right-of-Use Assets 412 — —
Property, Plant & Equipment (Q) — — —
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Property, Plant & Equipment 988.1 — —
Goodwill (Q) — — —
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Goodwill 2,642.8 — —
Total Assets (Q) — — —
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Total Assets 14,342.2 — —
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Consolidated T. Rowe Price investment products · Reportable Legal Entities 1,989 — —
Variable Interest Entity Primary Beneficiary 414 — —
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 1,861.7 — —
Voting interest entities · Reportable Legal Entities 127.3 — —
Intangible Assets (Q) — — —
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Investment Advisory Agreements 168.6 271.9 -38.0%
Other Assets
Accounts Receivable Net (Q) — — —
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Accounts Receivable Net 861.8 — —
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Sponsored investment portfolios 595.2 — —
Investments (Q) — — —
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Investments 3,359.9 — —
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Consolidated T. Rowe Price investment products · Reportable Legal Entities 1,849 — —
Consolidated T. Rowe Price investment products · Reportable Legal Entities 15.4 — —
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 1,724.1 — —
Voting interest entities · Reportable Legal Entities 124.9 — —
Assets Of Voting Interest Entities And Variable Interest Entities (Q) — — —
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Assets Of Voting Interest Entities And Variable Interest Entities 1,989 — —
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Variable Interest Entity Primary Beneficiary 1,861.7 — —
Intangible Assets Net Excluding Goodwill (Q) — — —
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Intangible Assets Net Excluding Goodwill 316.9 — —
Other Assets (Q) — — —
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Other Assets 712.8 — —
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Consolidated T. Rowe Price investment products · Reportable Legal Entities 68.4 — —
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 67.2 — —
Voting interest entities · Reportable Legal Entities 1.2 — —
Non-Current Liabilities
Employee Related Liabilities Current And Noncurrent (Q) — — —
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Employee Related Liabilities Current And Noncurrent 563.1 — —
Total Liabilities (Q) — — —
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Total Liabilities 2,529.3 — —
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Consolidated T. Rowe Price investment products · Reportable Legal Entities 81.5 — —
Variable Interest Entity Primary Beneficiary 0.7 — —
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 80.6 — —
Voting interest entities · Reportable Legal Entities 0.9 — —
Other Liabilities
Accounts Payable And Other Accrued Liabilities (Q) — — —
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Accounts Payable And Other Accrued Liabilities 335.5 — —
Liabilities Of Voting Interest Entities And Variable Interest Entities (Q) — — —
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Liabilities Of Voting Interest Entities And Variable Interest Entities 81.5 — —
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Variable Interest Entity Primary Beneficiary 80.6 — —
Operating Lease Liability (Q) — — —
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Operating Lease Liability 475.2 — —
Deferred Compensation Arrangement With Individual Recorded Liability (Q) — — —
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Deferred Compensation Arrangement With Individual Recorded Liability 1,051.6 — —
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Restricted Fund Units 39.9 — —
Accrued Income Taxes (Q) — — —
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Accrued Income Taxes 22.4 — —
Stockholders' Equity
Common Stock (Q) — — —
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Common Stock 44 — —
Additional Paid In Capital Common Stock (Q) — — —
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Additional Paid In Capital Common Stock 99.8 — —
Retained Earnings Unappropriated (Q) — — —
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Retained Earnings Unappropriated 10,461.3 — —
Accumulated Other Comprehensive Income (Q) — — —
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Accumulated Other Comprehensive Income -44.6 — —
Total Stockholders' Equity (Q) — — —
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Total Stockholders' Equity 10,560.5 — —
Stockholders Equity Including Portion Attributable To Noncontrolling Interest (Q) — — —
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Accumulated Other Comprehensive Income -44.6 -49.2 +9.3%
Accumulated Translation Adjustment -44.6 -49.2 +9.3%
Accumulated Translation Adjustment · Equity Method Investee -52.5 -51.5 -1.9%
Accumulated Translation Adjustment · Variable Interest Entity Primary Beneficiary 7.9 2.3 +243.5%
Additional Paid In Capital 99.8 368.8 -72.9%
Common Stock 44 44.5 -1.1%
Noncontrolling Interest 153.3 205.3 -25.3%
Parent 10,560.5 9,928.7 +6.4%
Retained Earnings Unappropriated 10,461.3 9,564.6 +9.4%
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Stockholders Equity Including Portion Attributable To Noncontrolling Interest 10,713.8 10,134 +5.7%
Total Liabilities & Equity (Q) — — —
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Total Liabilities & Equity 14,342.2 — —
Redeemable Noncontrolling Interest Equity Carrying Amount (Q) — — —
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Redeemable Noncontrolling Interest Equity Carrying Amount 1,099.1 689 +59.5%
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Variable Interest Entity Primary Beneficiary 1,080.1 — —
Voting interest entities 19 — —
Minority Interest (Q) — — —
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Minority Interest 153.3 — —

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Depreciation Amortization And Impairment Of Property Equipment And Software (YTD) — — —
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Depreciation Amortization And Impairment Of Property Equipment And Software 132.9 126.3 +5.2%
Amortization Of Acquisition Related Assets And Retention Arrangements (YTD) — — —
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Amortization Of Acquisition Related Assets And Retention Arrangements 116.4 124.1 -6.2%
Stock-Based Compensation (YTD) — — —
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Stock-Based Compensation 96.9 112.6 -13.9%
Net Gains Losses Recognized On Investments (YTD) — — —
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Net Gains Losses Recognized On Investments -173.8 -213.4 +18.6%
Proceeds From Payments For Trading Securities (YTD) — — —
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Proceeds From Payments For Trading Securities 71.3 15.1 +372.2%
Increase Decrease In Trading Securities Consolidated Sponsored Investment Portfolios (YTD) — — —
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Increase Decrease In Trading Securities Consolidated Sponsored Investment Portfolios -409.5 -218 -87.8%
Increase Decrease In Other Operating Capital Net (YTD) — — —
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Increase Decrease In Other Operating Capital Net 267.4 289.6 -7.7%
Net Cash from Operations (YTD) — — —
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Net Cash from Operations 1,162.8 1,315 -11.6%
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Consolidated T. Rowe Price investment products · Reportable Legal Entities -306 -143.6 -113.1%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities -144.4 -32.2 -348.4%
Voting interest entities · Reportable Legal Entities -161.6 -111.4 -45.1%
Investing Activities
Payments To Acquire Investments (YTD) — — —
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Payments To Acquire Investments -114 -43.5 -162.1%
Proceeds From Sale Maturity And Collections Of Investments (YTD) — — —
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Proceeds From Sale Maturity And Collections Of Investments 223.5 210.9 +6.0%
Net Cash Flow For Consolidation Deconsolidation Of Sponsored Investment Portfolios (YTD) — — —
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Net Cash Flow For Consolidation Deconsolidation Of Sponsored Investment Portfolios -1.1 -13.1 +91.6%
Capital Expenditures (YTD) — — —
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Capital Expenditures -144.2 -205.8 +29.9%
Other Investing Activities (YTD) — — —
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Other Investing Activities -21 -41.9 +49.9%
Net Cash from Investing (YTD) — — —
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Net Cash from Investing -56.8 -93.4 +39.2%
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Consolidated T. Rowe Price investment products · Reportable Legal Entities -1.1 -13.1 +91.6%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities -1.6 -0.7 -128.6%
Voting interest entities · Reportable Legal Entities 0.5 -12.4 +104.0%
Financing Activities
Share Repurchases (YTD) — — —
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Share Repurchases -328.3 -195.5 -67.9%
Proceeds From Stock Options Exercised Net Of Payments For Repurchase Of Common Stock For Employee Tax Withholding Obligations And Strike Price (YTD) — — —
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Proceeds From Stock Options Exercised Net Of Payments For Repurchase Of Common Stock For Employee Tax Withholding Obligations And Strike Price 16.5 16.3 +1.2%
Payments Of Dividends (YTD) — — —
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Payments Of Dividends -575.1 -569.7 -0.9%
Net Contributions From Distributions To Non Controlling Interests In Consolidated Entities (YTD) — — —
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Net Contributions From Distributions To Non Controlling Interests In Consolidated Entities -5.5 2.5 -320.0%
Net Subscriptions Redemptions Received From Redeemable Non Controlling Interest Holders (YTD) — — —
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Net Subscriptions Redemptions Received From Redeemable Non Controlling Interest Holders 205.1 170.9 +20.0%
Net Cash from Financing (YTD) — — —
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Net Cash from Financing -687.3 -575.5 -19.4%
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Consolidated T. Rowe Price investment products · Reportable Legal Entities 316.7 154.5 +105.0%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 161.6 35 +361.7%
Voting interest entities · Reportable Legal Entities 155.1 119.5 +29.8%
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Consolidation Eliminations -111.6 16.4 -780.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (YTD) — — —
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Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -1.1 -1.1 0.0%
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Consolidated T. Rowe Price investment products · Reportable Legal Entities -1.1 -1.1 0.0%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities -1.1 -1.1 0.0%
Net Change in Cash (YTD) — — —
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Net Change in Cash 417.6 645 -35.3%
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Consolidated T. Rowe Price investment products · Reportable Legal Entities 8.5 -3.3 +357.6%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 14.5 1 +1350.0%
Voting interest entities · Reportable Legal Entities -6 -4.3 -39.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) — — —
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3,130.5 2,788.8 +12.3%
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Consolidated T. Rowe Price investment products 71.6 73.9 -3.1%
Consolidated T. Rowe Price investment products · Reportable Legal Entities 71.6 73.9 -3.1%
Variable Interest Entity Primary Beneficiary · Reportable Legal Entities 70.4 52.5 +34.1%
Voting interest entities · Reportable Legal Entities 1.2 21.4 -94.4%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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